There are two kinds of people in the world, one who believes in making money and having a stable life. Then, there are certain people who believe in serving society or being in a career field that will allow them to create a positive impact on society. Choosing a career in the healthcare sector can provide you with the opportunity of creating an impact on society by improving health conditions. MBA in Healthcare Management is becoming a popular healthcare track for future leaders who aspire to enter the growing industry. An MBA is always a bright option to explore great opportunities globally. In this blog, we will discuss the major aspects involved in a master’s degree in Healthcare Management.
|Course Name||MBA Healthcare Management|
|Basic Eligibility||A UG degree in any stream with a minimum of 50% marks|
|Entrance Exams||Abroad: GMAT/ GRE
India: CAT, MAT, GMAY, XAT
|Job Profiles||Hospital Administrators, Hospital CFO, Healthcare Managers, Medical Practice Managers, etc|
|Top Recruiters||Apollo Life, Wipro, Cipla, Cadila Healthcare, GR Healthcare, etc.|
|Average Salary||5- 12 Lakh per Annum|
This Blog Includes:
- Why Study MBA in Healthcare Management?
- Skills Required
- Types of MBA Healthcare Management
- Healthcare Management Syllabus
- Eligibility Criteria
- Admission Process
- Documents Required
- Top Universities Offering MBA Healthcare Management
- Cost of Studying MBA in Healthcare Management Abroad
- Careers and Salary
- Top Recruiters
Working in the field of health and human services allows people to gain ample clinical experience in managing healthcare services. With the increasing demand for healthcare professionals, several career opportunities have opened in hospitals, clinics, pharmaceutical companies and medical institutions, globally. An MBA in Healthcare Management is designed to provide students with a full understanding of all of the intricacies of the facet of the business. Individuals who are looking to build a successful career in operational and service-related aspects of the healthcare sector can master the skills required to find innovative ways to address the challenges of this sector. Other major skills include practices related to a patient liaison, computer sciences, human resources, etc.
Why Study MBA in Healthcare Management?
The development of the business-related health services sector and the MBA Healthcare Management system are crucial for enhancing internal and external cooperative systems.
- A unique career opportunity as well as a multifaceted job in various healthcare services can be obtained through an MBA in Healthcare Management. Demand in this industry is increasing daily. One can find employment not only in various core positions but also in the IT industry to ensure data security and integrity and to facilitate the handling of various Information Integrity.
- After completing the MBA Healthcare Management course, students will have access to a wide range of employment opportunities from renowned corporations, with starting salaries ranging from 2 lacks to 10 lacks per year. It differs from business to business as well. The salary range then rises to a maximum of 25 lacks per year.
- Additionally, an MBA in Healthcare Management can help you land a good job in a field like a hospital management, hospital administration, or medical practice management.
The management of healthcare facilities is the core focus of healthcare management. Professionals in healthcare management, therefore, require specialised organisational skills. For a list of prerequisite knowledge for an MBA in healthcare management, see the table below.
|MBA in Healthcare Management Skills|
|Leadership skills||Interpersonal skills|
|Analytical skills||Communication skills|
|Relationship building skills||Industry knowledge|
|Ability to work under pressure||Empathetic|
Types of MBA Healthcare Management
Healthcare management MBA programmes are offered in a variety of formats, including full-time, executive, and one-year formats. This is done to accommodate the various needs and desires of students.
Full-Time MBA (2-Year MBA in Healthcare Management)
The two-year, full-time MBA Healthcare Management Program focuses on the healthcare-related industry. Many reputable institutions offer two-year MBA programmes. Students should meet the minimum requirements and have a high percentile cutoff on any entrance exam, such as the CAT, GMAT, CMAT, XAT, or MAT.
Additionally, candidates must participate in a Group Discussion round and an individual interview, during which the administration assesses the candidates’ management abilities as well as their ability to speak clearly and deal with real-world issues. The Administration body of the chosen Institute conducted the Group Discussion Round and Interview Round. Different colleges may have different selection processes.
The Healthcare Management MBA program’s course structure was created to be almost identical to that of regular MBA courses while also including some additional advanced courses on healthcare-related case studies and projects.
Executive MBA in Healthcare Management
Higher-level MBA programmes like the Executive MBA Healthcare Management Program are primarily for candidates who are already working in the corporate sector. It primarily targets job candidates who are currently employed in their field of expertise and want to improve their skills in order to advance. The course structure is the primary distinction between Full Time Normal MBA and Executive MBA programmes.
One-Year MBA in Healthcare Management
The main focus of the one-year MBA in Healthcare Management was on providing training for the corporate sector in terms of how to coordinate healthcare-related services.
Students can apply for the one-year MBA healthcare management programme if they want to gain more experience and knowledge through practical or project-related work. This programme will assist in developing critical thinking analysis skills as well as project work skills to deal with directing and coordinating medical healthcare services.
Healthcare Management Syllabus
MBA Healthcare Management also provides students with the knowledge and skills to handle relationships between insurance companies, medical health professionals, and patients. Students learn to analyse how these relationships impact healthcare facilities. Like other MBA courses, MBA in Healthcare Management also includes internships and other hands-on experience. Stretched for a duration of 2-year, the entire course comprises a total of 4 semesters. Let’s take a look at the syllabus that you cover in these 2 years.
|Semester 1||Semester 2|
|Principle of management||Strategic Management|
|Fundamentals of Communication||Cost Accounting|
|Managerial Economics||Innovation Management|
|Marketing Management||Quantitative Techniques|
|Human Resource Management||The Integrative Manager|
|Financial Accounting||Interview Preparation|
|Semester 3||Semester 4|
|Essentials of Healthcare Administration||HR in Hospitals|
|Planning & Designing of Healthcare Facilities||Material Management|
|Hospital Operation||Legal Aspects of Healthcare|
|Customer-Centric Organization (CCO)||Revenue Cycle Management in Healthcare|
|Quality Management in Hospitals||Projects/Seminars/Case Studies|
|Projects/Seminars/Case Studies||Healthcare Equipment Management|
Students who aspire to pursue a degree in MBA Healthcare Management are required to fulfil the following eligibility conditions:
- Bachelor’s degree with a minimum score of 50% from a recognised board of education.
- Medical graduates are highly preferred.
- Professional work experience in hospitals or pharmaceutical companies.
- Minimum required score in English-language proficiency tests like IELTS, TOEFL, and PTE.
- Minimum required score in GMAT or GRE.
Note: These are general pre-requisite, any specific requirement can be confirmed on the official university’s website.
Every college in the nation has a different selection procedure. Rounds of Group Discussions and Personal Interviews are held after the written exams. On the basis of their personalities and fundamental technical knowledge, students are weeded out.
Healthcare Management MBA Each nation has its own requirements for admission. After the written exam, there are several rounds of group discussions and personal interviews.
- Students need to know their cutoff percentile for tests like the CAT, MAT, GMAT, CMAT, XAT, and others. For admission to the MBA Healthcare Management programme, some universities also hold entrance examinations.
- Candidates must demonstrate their ability to speak effectively to represent any current topic during the Group Discussion round.
- Candidates are questioned about their future goals, past experiences, and educational background during the personal interview round.
- Candidates are evaluated for their writing skills in a writing test.
Students should keep all of these pertinent documents on hand when applying for MBA in hospital management admissions so that they can submit them in order to be accepted.
- Academic Transcripts
- Work Experience Documents (If applicable)
- Date of birth proof
- Entrance exam scorecard
- Updated Resume
- Domicile Proof
- Passport size photographs
- GRE score (optional)
- Valid Passport
Top Universities Offering MBA Healthcare Management
There are several colleges and universities offering excellent MBA programs that will enhance your knowledge and will provide you with an opportunity to explore great career prospects in any part of the world. We have listed down some of the prominent institutes in the world offering an MBA in Healthcare Management:
- The Columbia Business School
- UCLA, Anderson School of Management
- UVA, Darden School of Business
- The University of Washington, Foster School of Business
- Duke University, The Fuqua School of Business
- Harvard Business School
- Cornell University, SC Johnson School of Business
- Northwestern University
- University of Texas at Austin, The McCombs School of Business
Cost of Studying MBA in Healthcare Management Abroad
Depending on the university and country, the scope of an MBA in hospital management abroad is broad and experience-based. Tuition fees and living expenses abroad are included in the average cost of an MBA in a hospital management programme.
|MBA in Hospital Management Abroad||Average Tuition Fees (Year)||Tuition Fees in INR|
|USA||12,740- 55,890 USD||INR 10.47 Lakh – 45.96 Lakh|
|Canada||40,000- 100,000 CAD||INR 24.52 Lakh – 61.31 Lakh|
|Australia||40,000- 60,000 AUD||INR 22.77 Lakh – 34.15 Lakh|
|Germany||30,000 – 50,000 EUR||INR 26.70 Lakh – 44.50 Lakh|
|France||40,000 EUR||INR 35.60 Lakh|
|Switzerland||30,000 – 85,000 CHF||INR 26.64 Lakh – 75.48 Lakh|
|Dubai||1,55,860 AED||INR 34.89 Lakh|
|United Kingdom||10,000 – 40,000 EUR||INR 8.91 Lakh – 35.67 Lakh|
Careers and Salary
The scope of the MBA in Healthcare Management offers a wide range of opportunities in pharmaceutical sectors, government agencies, insurance organisations, hospitals and consulting firms in the health sector. As a specialist in Health Management, you would be required to respond to various critical management problems faced by hospitals and medical agencies in the industry. After pursuing MBA in Health Management, individuals can find career opportunities in areas of IT, marketing, human resource development, medical institutions, health insurance or the pharmaceutical industry. Here are some of the popular job profiles one can explore:
|Job position||Annual Salary (Average) (Varies company to Company) (For Freshers)|
|Hospital CEO||₹19 Lakhs|
|Hospital CFO||₹15.07 Lakhs|
|Healthcare Information Manager||₹11.67 Lakhs|
|Physician Relations Liasion||₹ 11.0 Lakhs|
|Assistant Operation Manager||₹ 5.5 Lakhs|
|Hospital Administration||₹ 4.0 Lakhs|
|Medical Practice manager||₹ 6.97 Lakhs|
|Claims Manager||₹ 5.0 Lakhs|
Once you have completed an MBA in the Healthcare sector, you can target the below-mentioned organizations-
- Columbia Asia
- Bajaj Allianz
- Star Health
MBA-educated healthcare professionals typically make around Rs 5 lakh per year. A position at a prestigious hospital network or pharmaceutical company is assured. There is a rising need for healthcare managers with extensive experience. excellent opportunities for a career
The most in-demand course for leadership and business skills in hospitals, rehabilitation centres, long-term care facilities, insurance companies, and pharmaceutical companies is an MBA specialisation in healthcare management.
One of the MBA specialisations with the most flexibility is management. Students in this MBA programme are prepared for leadership and management roles across a range of career fields.
A career in healthcare management is a wise choice for those who desire to serve the community. The field holds vast career opportunities with a huge demand for healthcare service professionals. With the right education and experience, you can chart out a great career. If are you intrigued to know more about an MBA in Health Management or want to study abroad, you can reach out to our counsellors at Leverage Edu, who can guide you in choosing the right university that is best suited for your chosen field of interest.